Morning Briefing: ABA welcomes Sedgwick issues paper

“It is important that banks get the balance right between rewarding employees and getting the best results for customers," says ABA... New home sales bounce back in November...

Morning Briefing: ABA welcomes Sedgwick issues paper
ABA welcomes Sedgwick issues paper 
The Australian Bankers’ Association has welcomed last week's release of Mr Stephen Sedgwick’s issues paper from his independent review into commissions and payments made to bank staff and third parties.

“Banks want to ensure that they pay their staff to do the right thing by customers, and we will work on any areas that need improving,” ABA Executive Director – Retail Policy Diane Tate said. 

“This review is part of an industry-wide look at some of the influences on culture in banks, such as leadership and people and performance management. 

“In recent years banks have made changes to remuneration practices to place more of an emphasis on good behaviour rather than sales targets, in light of changing community expectations and regulatory requirements; however there is more to do. 

“It is important that banks get the balance right between rewarding employees and getting the best results for customers.

New home sales bounce back in November
The Housing Industry Association's New Homes Sales Report shows a strong bounce in November 2016.

“Following a dip to a two year low last October, the November bounce in new home sales is a reminder that the national new home construction sector remains in strong shape,” said HIA Chief Economist, Dr Harley Dale. “The sector may have just passed its peak, but the short term outlook is a healthy one, a conclusion supported by other leading indicators such as the ABS measures of Building Approvals and Housing Finance.”

The November update for the HIA’s monthly New Home Sales survey shows a 6.1 per cent bounce in seasonally-adjusted new home sales. Over the three months to November 2016 the total number of new home sales fell by 0.7 per cent to be down by only 0.2 per cent when compared to the same three month period in 2015.

“At this stage of the new home building cycle that’s a very impressive result – this is already the largest and longest national new home construction cycle in history.”

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